Up to my neck & rising...

[Skeef143]

Hello T.M.,

I've just been reading this thread, and whilst I can't add any more advice onto what people have already told you, I just thought I'd say Hi and let you know that you aren't the only one in your situation - I live with my parents and I am older than you! I also earn roughly the same as you, and I also had the same level of debt, initially I went on a Debt Management Plan before I went on an IVA, in a way I wish I'd begun the IVA to start with, but it did "train" me for the monthly budgeting, which seems to be the hardest thing for a lot of people.

I'm glad you were able to tell your parents, mine are brilliant but money is a sticky subject due to issues with other family members, my mum knows I owe something and I am paying it back, but she refers to it as my "problem" which is what the IPs etc. advise against!

I have a newer car than you (bought with cash which I made from a company share issue), but like you say I haven't got a lot of stuff to show for it either - my biggest thing was getting a consolidation loan over 84 months from Nat West for £16,000, which with the APR came to almost £25k itself. I did get it down a bit, but I still used cards in the meantime.

Anyhow, like I said, I can't really offer much more than what folks have said, but I just wanted you to know that you weren't the only one! All the best with whatever you decide to do xxxx

[TotalMoron]

Yeah, looking at my loan statement, i got a 10k consolation loan 3 years ago. I've paid approx. 6k into it & the balance sits at 8.3k. What was i thinking?!

Much better night's sleep last night, i applied for a Co-op Current Account Plus online this morning & got approved pretty much immediately as my credit rating hasn't taken a hit yet. It's got a £200 overdraft but i'll just ring up & get that removed.

Budgeting shouldn't be too difficult, i've lived like a peasant for the past 6 months or so anyway & i'll spend only what i absolutely need to until i'm confident with my expenditure.

Spoke to my sister as i owe her a little money. Dreaded telling her but it turns out her boyfriend has been in an IVA for a few years, so she was fine to let it go.

Finally starting to see the fog clearing a little.

[Hyperdrive]

Glad to hear you`re already more optimistic and you have some plans to consider. Good luck with your decision - I`m sure whatever you choose to do you`ll feel better about the future.

[MelanieGiles]

Another day and another step forward for you! Glad to see that your sister is being helpful - seems that she has been through it already with her own partner, and is bound to be a great support to you through your own journey.

[TotalMoron]

To be fair, everyone i've spoken to has given me nothing but support & i think most have a degree of debt so they know how precarious it can be at times.

It can only take a couple of bad months & you're left struggling to claw it back. I was always reluctant to speak to anyone for fear of being judged. I feel i've underestimated my family & friends a little.

Hindsight is a wonderful thing isn't it?

[Broke of London]

It seems everything is coming together for you! And it's great that you have family support too - my mum*, sister, boyfriend and two of my best friends all know and have been more supportive than I had ever imagined.

*And I suspect her six sisters! The family joke is 'tell one, tell all".

[TotalMoron]

Hello.

Just sorting out all of my statements & stuff so i've got everything to hand & i'm a bit lost as to what i need to do to prove what rent i pay to my parents?

I could do with help on the wording of a letter, or if anyone knows of a template letter that'd be great.

Have to say, this place has been an enormous help so far. I've spent so long thinking that i was completely alone in this & it was my problem to deal with, hoping for a lottery win (& i don't even put it on) or some miracle to make it all just go away, to find out that i have options & can get help is such a huge relief.

[Niobe]

Glad you are managing to sort things out - your parents only need to provide you with something to say how much you pay them - doesn't need to a long letter.

I think we all feel that we are alone until we join the forum - myself and my wife would be lost without it.

[TotalMoron]

Hi again.

After a week solid of speaking to various companies & reading up for about 12 hours a day, i've decided that BR is the right thing for me to do. Draw a line under the entire affair & move on with my life. An IVA just holds too much uncertainty for me to be able to commit for 5 years & to expect my circumstances not to change in that time is unrealistic.

A huge part of the reason i'm in this mess is through signing up to things without looking at what happens a few years down the line, and to jump into an IVA would just be repeating that i feel.

Actually just had my very first creditor call from MBNA. Over a £2 underpayment last month! He was actually incredibly understanding & put a note on my file not to call again this month, which was helpful.

First of many i think!

[Foggy]

Hi TM. I am glad to see that all of the research is crystallizing into a plan. Keep posting and let us know how things are going.

[Kelly O]

I am glad you have made a decision - now you have a plan i am sure you feel a lot better

All the best for the future

[TotalMoron]

Well, the forms are being sent out by CCCS & i've got a telephone appointment next week with them. Rang the court this morning but they only take appointments a week in advance, which is good. Means i shouldn't have to wait too long once all my forms are in order.

So i guess that's it. Should all be done by the end of the month. Then it's just the OR interview, which is the bit i'm dreading!

[Foggy]

Apparently the OR isn't the ogre we all imagine. You will be able to tell us soon !

It will be interesting to know, if you don't mind sharing, how allowances compare and how you get on in general.

Best of luck.

[Broke of London]

Sounds like a plan TM!! BR realy will clear your debts AND give you the flexibility to deal with changes in circumstance.

[Skippy]

The OR interview was nowhere near as bad as I expected! I was actually ill before hand! My main tips would be make sure you've got a glass of water handy, have copies of your BR paperwork to hand and answer the questions honestly - if you don't know an answer just say so.